The housing shortage looms large as our nation faces a critical presidential election. Just last week, the National Association of Realtors released new data revealing home prices in the United States reached a record high in June 2024. It’s no wonder, then, that housing costs are a top priority for young voters.
Unfortunately, some in Washington, D.C., continue to turn a blind eye to a key factor exacerbating this crisis: Mass illegal immigration.
Houses have been in short supply since the Great Recession, when housing production steadily declined, especially the construction of “affordable” apartments, which declined by 4.7 million units from 2015-2020. However, housing demand has only increased, driving up the cost of living.
As of 2024, the U.S. was short somewhere between 4 to 7 million housing units. The shortage of affordable and multifamily housing is especially severe, as multifamily construction has declined since 2021, dropping 14%. Considering that incomes have not kept pace with rising housing costs, these increased costs are especially harmful to lower-income families seeking multifamily units.
Additionally, rising production costs have disincentivized developers from building more multifamily units, worsening the problem.
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